This might feel new to crypto but it's no different from how the stock market has been performing since it was introduced.
As long as the world of finance is concerned, there will always be bad years and good years.
What we should learn from all of these market seasons is to know when to stack up for the bear season so we can take advantage of a dip.
Most importantly, to learn to live frugally, that way, no matter what the market is doing, it doesn't bother us.
I wish people who are panicking could think of this situation as positively as ever. But the mental state is pretty unstable now of investors. But either way it is sort of situation where it feels like only strong will survive :)